Downtown’s Hurt Building, constructed on Edgewood Avenue in 1913 and expanded in 1926, was just purchased for nearly $34 million.
The 18-story “V”- shaped building, bounded by Edgewood, Piedmont Center Avenue, and Hurt Plaza, was bought by New York-based Gamma Real Estate, according to the Atlanta Business Chronicle.
Plans call for the group to invest nearly $4 million in improvements to the lobbies, including removing 1980s carpeting to reveal original marble floors. And in a nod to the growing population of sleep-deprived GSU students in the area, a Starbucks will fill retail space at the ground floor.
The announcement highlights a continuing trend in the neighborhood and is just the latest in a spate of construction and renovations around Woodruff Park.
The local partner in the project, Dion Meltzer, pointed out an increased use in public transit as a catalyst for a changing tide in the neighborhood. Noting improvements like the Mercedes-Benz Stadium and Underground Atlanta — which Meltzer may have prematurely said is “happening” — the developers are bullish on the Five Points area.
With the renovations, investors hope to entice tenants to occupy the nearly 28-percent of the building that’s currently vacant. But with a spruced-up building featured on the National Register of Historic Places and the promise of nearby Pumpkin Spice Lattes©, it might not be too difficult to draw in some new businesses.
- Downtown's historic Hurt Building sells for almost $34 million [Atlanta Business Chronicle]